The market for football club investors: a review of theory and empirical evidence from professional European football

References

• Aglietta, M., Andreff, W., & Drut, B. (2010). Floating European football clubs in the stock market (EconomiX Working Papers No. 2010-24). University of Paris West-Nanterre la Défense.
   Google Scholar
• Andreff, W. (2007). French football: A financial crisis rooted in weak governance. Journal of Sports Economics, 8(6), 652–661. doi: 10.1177/1527002506297021
   Web of Science ®Google Scholar
• Andreff, W., & Staudohar, P. D. (2000). The evolving European model of professional sports finance. Journal of Sports Economics, 1(3), 257–276. doi: 10.1177/152700250000100304
   Google Scholar
• A.S. Roma S.P.A. (2011). Relazione Finanziaria Annuale al 30 Giugno 2011. Rome, Italy.
   Google Scholar
• Barajas, A., & Rodriguez, P. (2014). Spanish football in need of financial therapy: Cut expenses and inject capital. International Journal of Sport Finance, 9(1), 73–90.
   Web of Science ®Google Scholar
• Baroncelli, A., & Lago, U. (2006). Italian football. Journal of Sports Economics, 7(1), 13–28. doi: 10.1177/1527002505282863
   Google Scholar
• Baur, D. G., & McKeating, C. (2011). Do football clubs benefit from initial public offerings? International Journal of Sport Finance, 6(1), 40–59.
   Web of Science ®Google Scholar
• Benkraiem, R., Le Roy, F., & Louhichi, W. (2011). Sporting performances and the volatility of listed football clubs. International Journal of Sport Finance, 6(4), 283–297.
   Web of Science ®Google Scholar
• Buraimo, B., Forrest, D., & Simmons, R. (2007). Freedom of entry, market size, and competitive outcome: Evidence from English Soccer. Southern Economic Journal, 74(1), 204–213.
   Web of Science ®Google Scholar
• Buraimo, B., & Simmons, R. (2009). A tale of two audiences: Spectators, television viewers and outcome uncertainty in Spanish football. Journal of Economics and Business, 61(4), 326–338. doi: 10.1016/j.jeconbus.2008.10.002
   Google Scholar
• Carmichael, F., Thomas, D., & Rossi, G. (2014). Production, efficiency, and corruption in Italian Serie A football. Journal of Sports Economics, Advance online publication. doi:1527002514551802
   Google Scholar
• Conn, D. (1997). The football business: Fair game in the ‘90s? Edinburgh: Mainstream.
   Google Scholar
• Deloitte. (2015). Annual review of football finance: Revolution. Manchester: Deloitte Sports Business Group.
   Google Scholar
• Dietl, H. M., & Franck, E. (2007). Governance failure and financial crisis in German football. Journal of Sports Economics, 8(6), 662–669. doi: 10.1177/1527002506297022
   Web of Science ®Google Scholar
• Dietl, H. M., Franck, E., & Lang, M. (2008). Overinvestment in team sports leagues: A contest theory model. Scottish Journal of Political Economy, 55(3), 353–368. doi: 10.1111/j.1467-9485.2008.00457.x
   Web of Science ®Google Scholar
• Dietl, H. M., & Weingaertner, C. (2011). The effect of professional football clubs’ legal structure on sponsoring revenue. Journal of Sponsorship, 4(4), 377–390.
   Google Scholar
• Dilger, A. (2009). Im Verein ist es am schönsten. Sportwissenschaft, 39(2), 137–142. doi: 10.1007/s12662-009-0035-1
   Google Scholar
• Dimitropoulos, P. E., & Tsagkanos, A. (2012). Financial performance and corporate governance in the European football industry. International Journal of Sport Finance, 7(4), 280–308.
   Web of Science ®Google Scholar
• Dobson, S., & Goddard, J. A. (2011). The economics of football (2nd ed.). Cambridge: Cambridge University Press.
   Google Scholar
• Franck, E. (2010a). Private firm, public corporation or member’s association governance structures in European football. International Journal of Sport Finance, 5(2), 108–127.
   Web of Science ®Google Scholar
• Franck, E. (2010b). “Zombierennen” und “Patenonkel” - Warum deutsche Fussballklubs in der Champions League den Kürzeren ziehen. CRSA Working Paper, 36, 1–13.
   Google Scholar
• Franck, E., & Dietl, H. M. (2007). How do the peculiarities of German football governance affect the abilities of clubs to create and capture value? In P. Rodríguez, S. Késenne, & J. García (Eds.), Governance and competition in professional sports leagues (pp. 87–108). Oviedo: Universidad de Oviedo.
   Google Scholar
• Franck, E., & Lang, M. (2014). A theoretical analysis of the influence of money injections on risk taking in football clubs. Scottish Journal of Political Economy, 61(4), 430–454. doi: 10.1111/sjpe.12052
   Web of Science ®Google Scholar
• Frick, B. (2007). The football players’ labor market: Empirical evidence from the major European leagues. Scottish Journal of Political Economy, 54(3), 422–446. doi: 10.1111/j.1467-9485.2007.00423.x
   Web of Science ®Google Scholar
• Fritz, T. (2006). Fußball und Strategie: Eine effizienzorientierte Analyse der Fußballbundesliga (1st ed.). Organisationsökonomie humaner Dienstleistungen: Band 13. München / Mering: Rainer Hampp Verlag.
   Google Scholar
• García, J., & Rodríguez, P. (2003). From sports clubs to stock companies: The financial structure of football in Spain, 1992–2001. European Sport Management Quarterly, 3(4), 253–269. doi: 10.1080/16184740308721955
   Google Scholar
• Garcia-del-Barrio, P., & Szymanski, S. (2009). Goal! Profit maximization versus Win maximization in soccer. Review of Industrial Organization, 34(1), 45–68. doi: 10.1007/s11151-009-9203-6
   Web of Science ®Google Scholar
• Gerrard, B. (2005). A resource-utilization model of organizational efficiency in professional sports teams. Journal of Sport Management, 19(2), 143–169. doi: 10.1123/jsm.19.2.143
   Web of Science ®Google Scholar
• Gouguet, J.-J., & Primault, D. (2006). The French exception. Journal of Sports Economics, 7(1), 47–59. doi: 10.1177/1527002505282912
   Google Scholar
• Grossmann, M. (2015). Evolutionarily stable strategies in sports contests. Journal of Sports Economics, 16(1), 108–121. doi: 10.1177/1527002512470957
   Web of Science ®Google Scholar
• Hamann (2013, April 9). Insolvente Sportclubs: Tradition am Abgrund. Der Spiegel. Retrieved from http://www.spiegel.de/sport/fussball/fussball-traditionsclubs-sind-pleite-oder-haben-finanziell-angeschlagen-a-887742.html
   Google Scholar
• Hoehn, T., & Szymanski, S. (1999). The Americanization of European football. Economic Policy, 14(28), 203–240. doi: 10.1111/1468-0327.00048
   Google Scholar
• Késenne, S. (2000). Revenue sharing and competitive balance in professional team sports. Journal of Sports Economics, 1(1), 56–65. doi: 10.1177/152700250000100105
   Google Scholar
• Késenne, S. (2014). The economic theory of professional team sports: An analytical treatment (2nd ed.). Cheltenham: Edward Elgar Publishing.
   Google Scholar
• Kuper, S. (2009). Football abandons the fantasy that it is a business. Financial Times.
   Google Scholar
• Lang, M., Grossmann, M., & Theiler, P. (2011). The sugar daddy's game: How wealthy investors change competition in professional team sports. Journal of Institutional and Theoretical Economics, 167(4), 557–577.
   Web of Science ®Google Scholar
• Leach, S., & Szymanski, S. (2015). Making money out of football. Scottish Journal of Political Economy, 62(1), 25–50. doi: 10.1111/sjpe.12065
   Web of Science ®Google Scholar
• Madden, P. (2015). Welfare economics of “financial fair play” in a sports league with benefactor owners. Journal of Sports Economics, 16(2), 159–184. doi: 10.1177/1527002512465759
   Web of Science ®Google Scholar
• Morrow, S. (2003). The people's game? Football, finance and society. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Nauright, J., & Ramfjord, J. (2010). Who owns England's game? American professional sporting influences and foreign ownership in the Premier League. Soccer & Society, 11(4), 428–441. doi: 10.1080/14660971003780321
   Google Scholar
• Nowy, T., Wicker, P., Feiler, S., & Breuer, C. (2015). Organizational performance of nonprofit and for-profit sport organizations. European Sport Management Quarterly, 15(2), 155–175. doi: 10.1080/16184742.2014.995691
   Web of Science ®Google Scholar
• Pawlowski, T., Breuer, C., & Hovemann, A. (2010). Top clubs’ performance and the competitive situation in European domestic football competitions. Journal of Sports Economics, 11(2), 186–202. doi: 10.1177/1527002510363100
   Web of Science ®Google Scholar
• Peeters, T., & Szymanski, S. (2014). Financial fair play in European football. Economic Policy, 29(78), 343–390. doi: 10.1111/1468-0327.12031
   Web of Science ®Google Scholar
• Plumley, D., Wilson, R., & Ramchandani, G. (2017). Towards a model for measuring holistic performance of professional football clubs. Soccer & Society, 18(1), 16–29. doi: 10.1080/14660970.2014.980737
   Google Scholar
• Rohde, M., & Breuer, C. (2016). The financial impact of (foreign) private investors on team investments and profits in professional football: Empirical evidence from the premier league. Applied Economics and Finance, 3(2), 243–255. doi: 10.11114/aef.v3i2.1366
   Google Scholar
• Rottenberg, S. (1956). The baseball players’ labor market. Journal of Political Economy, 64(3), 242–258. doi: 10.1086/257790
   Web of Science ®Google Scholar
• Ruoss, K. (2009). Allokation von Verfügungsrechten und die Governance von Fußballunternehmen: Eine empirische Analyse unter institutionenökonomischen Aspekten. Organisationsökonomie humaner Dienstleistungen: Vol. 24. München / Mering: Rainer Hampp Verlag.
   Google Scholar
• Sambidge, A. (2011, June 12). Mideast money saves Germany's TSV 1860 Munchen. Arabian Business. Retrieved from http://www.arabianbusiness.com/mideast-money-saves-germany-s-tsv-1860-munchen-404833.html
   Google Scholar
• Sass, M. (2016). Glory hunters, sugar daddies, and long-term competitive balance under UEFA Financial Fair Play. Journal of Sports Economics, 17(2), 148–158. doi: 10.1177/1527002514526412
   Web of Science ®Google Scholar
• Sloane, P. J. (1971). The economics of professional football: The football club as a utility maximiser. Scottish Journal of Political Economy, 18(2), 121–146. doi: 10.1111/j.1467-9485.1971.tb00979.x
   Web of Science ®Google Scholar
• Smith, E. (2009). The sport of governance – a study comparing Swedish riding schools. European Sport Management Quarterly, 9(2), 163–186. doi: 10.1080/16184740802571435
   Web of Science ®Google Scholar
• Storm, R. K., & Nielsen, K. (2012). Soft budget constraints in professional football. European Sport Management Quarterly, 12(2), 183–201. doi: 10.1080/16184742.2012.670660
   Web of Science ®Google Scholar
• UEFA. (2015). The European Club footballing landscape: Club licensing benchmarking report, Fiscal Year 2014. Geneva: UEFA Club Licensing and Financial Fair Play Unit.
   Google Scholar
• UEFA. (2016). Regulations of the UEFA Champions League 2015-18 Cycle. 2015/16 Season. Retrieved from http://www.uefa.com/MultimediaFiles/Download/Regulations/uefaorg/Regulations/02/23/57/51/2235751_DOWNLOAD.pdf
   Google Scholar
• Vrooman, J. (1997). A unified theory of capital and labor markets in major league baseball. Southern Economic Journal, 63(3), 594–619. doi: 10.2307/1061097
   Web of Science ®Google Scholar
• Walters, G., & Hamil, S. (2010). Ownership and governance. In S. Hamil & S. Chadwick (Eds.), Managing football – an international perspective (1st ed., pp. 17–36). Amsterdam: Elsevier.
   Google Scholar
• Wicker, P., Weingaertner, C., Breuer, C., & Dietl, H. (2012). The effect of a sports institution’s legal structure on sponsorship income: The case of amateur equestrian sports in Germany. International Journal of Sport Finance, 7(4), 340–357.
   Web of Science ®Google Scholar
• Wilson, R., Plumley, D., & Ramchandani, G. (2013). The relationship between ownership structure and club performance of football clubs in the English Premier League. Sport, Business and Management, 3(1), 19–36. doi: 10.1108/20426781311316889
   Google Scholar